Carrefour: Solid Sales Growth in Q3 2013: +2.7% at Constant Exchange Rates

Regulatory News:

Carrefour (Paris:CA):

Q3 2013: Solid sales growth, + 2.7% at constant exchange rates to €21.1bn

• In France, all formats posted growth; sales up 3.0% ex-petrol and up 1.4% on a reported basis
• International: Sales up 3.8% at constant exchange rates
  • Continued growth in Latin America, with sales up 11.2% at constant exchange rates; excellent performance in Brazil
  • Further like-for-like sales growth in China this quarter

9-months 2013: Good sales growth, up 1.8% at constant exchange rates to €62.1bn

Sales under banners

Total sales under banners ⁽⁴⁾ including petrol in Q3 2013 stood at €25.3bn, up 2.7% at constant exchange rates (-0.8% at current exchange rates). In the first nine months of 2013, total sales under banners were €74.0bn, up 1.3% at constant exchange rates (-1.1% at current exchange rates).

^{1 Variations are pro-forma with activities in Greece, Singapore, Colombia, Malaysia, Indonesia and Turkey reclassified as Discontinued Activities as of Jan. 1, 2012, in accordance with IFRS 5.
2 LFL sales growth: Sales generated by stores opened for at least twelve months, excluding temporary store closures.
3 Organic sales growth: LFL sales plus net openings over the past twelve months, including temporary store closures.
4 Sales under banners: Total sales under banners including sales by franchisees and international partnerships.}

FRANCE

Organic sales in France were up 3.0% excluding petrol (+2.0% ex. calendar). Sales grew in all formats. The drop in petrol prices this quarter impacted sales in France by 1.6%.

Reported sales at Hypermarkets were up 2.0% (+3.2% excluding petrol). Excluding the calendar impact, organic sales were up 2.0% excluding petrol (+0.8% including petrol). Food sales continued to grow this quarter and non- food sales were more resilient.

Reported sales excluding petrol at Supermarkets were up 1.9% on a reported basis and +1.3% excluding the calendar impact.

Convenience and other formats posted reported sales up 5.3% excluding petrol (+3.7% including petrol). Excluding the calendar effect, organic sales grew by 4.1% excluding petrol (+2.4% including petrol).

^{5 LFL sales growth: Sales generated by stores opened for at least twelve months, excluding temporary store closures.
6 Organic growth: LFL sales plus net openings over the twelve months, including temporary store closures.}

INTERNATIONAL

The Group’s international sales were up 3.8% at constant exchange rates. Excluding the calendar impact, ex. petrol organic sales were up 3.6%. Sales in Europe continued to be impacted by a difficult consumption environment, while growth continued in Latin America and China. Currencies had a negative impact of 7.6% in the third quarter.

Other European countries

Organic sales were down 1.9% in Europe. Excluding the calendar impact estimated at +0.7%, ex. petrol organic sales were down 2.7%. Currencies had a broadly neutral effect.

Sales in Spain (organic sales down 0.9% and LFL sales down 1.8%) confirmed the resilience observed in the previous quarter. In Italy, organic sales were down 4.6% (-3.9% LFL) on a weak comparable basis. In Belgium, organic sales were up 1.4% (+1.6% LFL).

Latin America

Sales were up 11.2% at constant exchange rates in Latin America and up 11.9% on an organic basis. Excluding the calendar impact estimated at -0.3%, ex. petrol organic sales were up 12.0%. Currencies had a negative impact of 20% this quarter due to the depreciation of the Brazilian real and the Argentine peso against the euro.

In Brazil, growth continued in all formats with organic sales up 8.6% (+8.8% LFL). Argentina saw its organic sales grow by 22.3%, of which 20.4% on a LFL basis.

Asia

Organic sales in Asia were up 3.7%. Excluding the calendar impact, they were up 3.9%.

In China, organic sales were up 4.7%. Like-for-like sales grew for the second consecutive quarter, rising by 1.1%. Organic sales were stable in Taiwan.

^{7 Variations are pro-forma with activities in Greece, Singapore, Colombia, Malaysia, Indonesia and Turkey reclassified as Discontinued Activities as of January 1, 2012, in accordance with IFRS 5.
8 LFL sales growth: Sales generated by stores opened for at least twelve months, excluding temporary store closures.
9 Organic growth: LFL sales plus net openings over the twelve months, including temporary store closures.}

^{10 Variations are pro-forma with activities in Greece, Singapore, Colombia, Malaysia, Indonesia and Turkey reclassified as Discontinued Activities as of January 1, 2012, in accordance with IFRS 5.
11 LFL sales growth: Sales generated by stores opened for at least twelve months, excluding temporary store closures.
12 Organic growth: LFL sales plus net openings over the twelve months, including temporary store closures.}

EXPANSION UNDER BANNERS – Q3 2013

In Q3 2013, Carrefour opened or acquired 131,000 gross sq.m. (315,000 sq.m. in the first nine months). Net of disposals or closures, the network added 40,000 sq.m. in Q3 2013 and added 9,000 sq.m. in the first nine months.

STORE NETWORK UNDER BANNERS – Q3 2013

In Q3 2013, Carrefour opened or acquired 175 stores (+497 in the first nine months of 2013). Net of disposals and closures, the network added 21 stores in Q3 2013 and was reduced by 102 stores in the first nine months.

^{13 The store network as of 31 December 2012 takes into account the reclassification of 469 franchised stores from the supermarket format to the convenience store format.
14 The store network as of 30 June 2013 has been adjusted for 42 franchised supermarkets and 189 franchised convenience stores which were closed in Greece in 2013.
15 Maghreb, Middle East and Dominican Republic.}